Fun

Celestia on pace to surpass Ethereum in data storage — Research

News Feed - 2024-08-02 03:08:54

Alex O’Donnell5 hours agoCelestia on pace to surpass Ethereum in data storage — ResearchCelestia has been steadily winning market share in data storage from Ethereum since May.1114 Total viewsListen to article 0:00AnalysisOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onCelestia, a layer-1 data availability network, is poised to take the number one spot in onchain data storage from incumbent Ethereum, according to Blockworks Research.


Celestia has been steadily gaining market share from Ethereum since May, starting at around 20% and rising to approximately 40% as of July 31, according to the data.Celestia has been steadily winning market share from Ethereum since May. Source: Blockworks Research


Launched in 2023, Celestia describes itself as “a modular data availability network that makes it easy for anyone to securely launch their own blockchain.” Its emphasis on data availability puts it in competition with Ethereum, Web3’s leading settlement layer.


Related:Solana beats Ethereum in weekly total fees for the first time — Research


Ethereum’s Dencun upgrade in March introduced “blobs,” temporary offchain data stores designed to reduce costs for layer-2 scaling networks — such as Arbitrum and Base — by bypassing the need to post large volumes of data directly onchain.


Blobs are stored for approximately two weeks on Beacon Chain nodes, allowing time for validators to confirm the data’s accuracy and post attestations on the mainnet.


Despite Dencun’s cost savings — which Ethereum creator Vitalik Buterin expects to surpass 98% — storing data on Celestia is usually even cheaper, according to a report by staking platform Figment.


According to the report, “Transaction fees on both networks vary, with Ethereum’s often being higher due to the complexity of smart contract interactions.” The report continues: “Celestia generally offers lower fees due to its efficient modular architecture, designed to support high throughput and lower congestion.”


Celestia is not Ethereum’s only challenger in data availability. Restaking protocol EigenLayer launched its own data availability service, EigenDA, in April. Avail, a data availability protocol spun off of Polygon, launched in July.


According to Blockworks’ data analytics manager, Dan Smith, even if rivals displace its lead in data storage, Ethereum will remain Web3’s undisputed settlement layer for the foreseeable future.


“Ethereum remains dominant in decentralization, stables, and TVL, which is what a settlement layer needs,” Smith said in a post on X.


Magazine:Synthetix founder Kain Warwick: It’s DeFi that’s wrong, not the market# Blockchain# Cryptocurrencies# Decentralization# Ethereum# Technology# Adoption# Data# Web3Add reaction

News Feed

Bitcoin Price At $245,000? Here’s When You Should Be Expecting It
Este artículo también está disponible en español. Considering Bitcoin’s steady bullish momentumfollowing Donald Trump’s win in the US Presidential elections, a crypto
Amaka Nwaokocha1 hour agoLightning Network faces criticism from pro-XRP lawyer John DeatonJohn Deaton’s remarks come amid concerns about alleged backdoors in the Bitcoin Lightning Network’s code.601 Total views3 Tota
ECB Chief Lagarde: Crypto and Defi Could Pose ‘Real Risks’ to Financial Stability
ECB Chief Lagarde: Crypto and Defi Could Pose "Real Risks" to Financial Stability The president of the European Central Bank (ECB), Christine Lagarde, says crypto assets and decent
XRP Must Break Above $3 To Invalidate Bearish Pattern And Flip Bullish – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Joe Hall7 hours agoSmall Islands, big problems: Can Bitcoin fix this? Cointelegraph Cape Verde videoA small island nation in the Atlantic Ocean grapples with a cash economy influenced by tourism, remittances and limited
Coinbase-posing scammers steal $1.7M from a user amid a string of attacks
Jesse Coghlan2 hours agoCoinbase-posing scammers steal $1.7M from a user amid a string of attacksA victim who claims to have lost $1.7 million said a scammer called them claiming to be from Coinbase and sent emails that
Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection
Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection On Monday, Feb. 27, 2023, the number of Ordinal inscriptions on the Bitcoin blockcha
Hillary Clinton Urges Biden Administration to Pressure Crypto Exchanges to Block Russian Users
Hillary Clinton Urges Biden Administration to Pressure Crypto Exchanges to Block Russian Users Former presidential candidate Hillary Clinton has criticized the Biden administration
Ana Paula Pereira4 hours agoSEC’s Gensler is loyal to banks, not an impartial regulator — Rep. Tom EmmerDuring a hearing on Sept. 27, Emmer hinted that Gary Gensler’s Wall Street background limits his impartiality
Unicef Funding Startups With Cryptocurrency for Covid-19 Relief
Unicef Funding Startups With Cryptocurrency for Covid-19 ReliefThe United Nations Children’s Fund (Unicef) has announced its largest cryptocurrency investment funding of start
Tristan Greene4 hours agoCentralized exchanges will become gateways for DeFi — dYdX Foundation CEOCEO Charles d’Haussy doesn’t view centralized exchanges as competitors for dYdX.5371 Total views8 Total sharesListen
Swiss State-Owned Banking Giant Postfinance to Offer Crypto Services
Swiss State-Owned Banking Giant Postfinance to Offer Crypto Services Postfinance, one of Switzerland’s largest retail banks, will offer customers access to major cryptocurrencies